As China accelerates its green transition, the country’s renewable energy capacity reached a record high of 56% of the country’s total energy capacity in 2024. Renewables contributed 86% of new capacity installed in 2024.
In 2024, the renewable energy sector increased installed capacity by more than 373,000 MW, a year-on-year increase of 23 percent. Solar, wind and hydro- power and wind power contributed 278,000 MW, 79,820 MW and 13,780 MW respectively to this new capacity.
Total cumulative renewable energy capacity reached 1.889 TW, an increase of 25% from 2023. Solar, wind and hydro- power accounted for 887,000 MW, 521,000 MW and 436,000 MW respectively, or more than 97% of total renewable energy capacity.
Meanwhile, China’s renewable energy generation also reached 3,460 TWh in 2024, representing a year-on-year rise of 19 percent, and accounting for about 35 percent of the total electricity generated.
The combined power generation from wind and solar energy amounted to 1,830 TWh in 2024, a 27 percent increase from 2023. The figure was roughly equivalent to electricity consumption by the tertiary industry and surpassed residential electricity consumption which stood at 1,490 TWh.
Forecast
The International Energy Agency forecasts China to have half of global installed renewable energy capacity by 2030, with China will account for 60% of new capacity additions from 2025 to 2030.
Implications
1) Renewable energy as an economic growth driver
As renewable energy plays an increasing role in fulfiling China’s energy needs, it will actively contribute to the country’s economy, powering industry needs, attracting financing, and providing new jobs for the working population.
2) Advancing decarbonisation among China’s businesses
With increasing renewable energy capacity, companies in China are better able to harness clean energy, become more sustainable, and enhance their competitive edge, For MNCs with a Chinese presence, renewable energy presents opportunities to meet compliance and regulatory standards, including RE100.
Powering the green economy hand-in-hand with renewable energy are Green Electricity Certificates (GECs) which could catalyse increased investment in renewables. Using GECs, businesses can signal their support for renewable energy, enhance their sustainability credentials, and achieve their sustainability goals in China.
Contact REDEX at enquiry@redex.eco to find out more about adopting renewable energy in China.
